Would the amount of Loan Forgiveness be Reduced for any reason?

The amount of loan forgiveness may be reduced if there is a reduction in full time equivalent employees when comparing to the average number of full time equivalent employees per month employed by the eligible recipient during the period beginning February 15, 2019 and ending on June 30, 2019 OR January 1, 2020 and ending on February 29, 2020.

Reductions also exist for certain reductions in total salary or wages of any employees in excess of 25 percent. Employees, in this instance, refer to employees who in 2019 did not receive a wage or salary at an annualized rate more than $100,000.

Special rules for tipped workers and rehires during a certain time period.

If you wish to receive a printed copy of our Privacy Notice, please contact our Customer Service Center at 1-888-692-2654.

NOTICE: First United Wealth Management products and services: i) are not deposits or other obligations of, nor are they guaranteed by, First United Bank & Trust or it’s affiliates, ii) are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States or by First United Bank & Trust or it’s affiliates; and iii) are subject to investment risks, including the possible loss of value.